Low supply is causing house prices to sore throughout Hampshire, Wiltshire and Dorset.
The most recent house price index from Zoopla has revealed that demand for homes has increased hugely throughout our region. Wiltshire is witnessing a staggering 31% increase in demand closely followed by the New Forest which has seen an increase of 26% in demand resulting in prices soaring.
With demand showing no signs of slowing down and a lack of supply of available properties struggling to keep up, house prices have been pushed up even further resulting in record-breaking figures.
Zoopla reported that annual average house prices rose to 4.7% in the year to May, the highest level of growth recorded in almost 5 years.*
New Forest has witnessed above average house price growth with an increase of 11% in the last year alone and a five year increase of 30%.**
Simon Kerley from our Ringwood branch which has a similar rise in demand commented:
"While the current demand far outweighs the supply, we do forecast that with confidence starting to spread due to the vaccination roll out, that the market should gain pace with instructions which may reduce the price spike that has been reported. Many sellers have gone into rented to keep their sale and become ‘cash’ or ‘nothing to sell’ buyers however, this has in turn created a similar spike in rental figures due to the lack of supply in that market also."
Curious about how much your property has increased in value?
Despite soaring demand for homes, the gap between demand and supply has grown to its widest level with the number of new properties coming on the market continuing to fall.
Not only are homes selling faster than ever as a result of increasing demand and low supply, but with average asking prices also rising, you could see higher returns by selling your property this Summer.